On the parts of the estate that are valued over £325,000, 40 percent will be deducted.
However, this bill could be altered by various situations such as marriage set ups, gift giving and the usage of trusts.
Trusts can be used to shelter certain assets from IHT but even then there are multiple types of trusts which each have different rules and effects.
There is guidance on all of this on the government’s website but the rules can be so complicated that families may feel compelled to hire tax experts or lawyers.
Published at Sat, 13 Jun 2020 22:00:00 +0000